Regulation 7 Connected persons

(1)

For the purposes of regulation 6(1), a “connected person” means—

(a)

where the applicant is a natural person—

(i)

the applicant’s spouse or civil partner; or

(ii)

any other person with whom the applicant lives as partner in an enduring family relationship;

(b)

where the applicant is a partnership—

(i)

any partner in the partnership with a substantial interest; or

(ii)

two or more partners in the partnership who, when taken together, have a substantial interest;

(c)

where the applicant is a body corporate—

(i)

any member of the body corporate with a substantial interest; or

(ii)

two or more members of the body corporate who, when taken together, have a substantial interest.

(2)

In paragraph (1), a “substantial interest” means—

(a)

in the case of a partnership, where the connected person is entitled to more than a 50% share in the profits of the partnership; and

(b)

in the case of a body corporate, where the connected person holds more than 50% of the equity share capital of that body.